One of my readers, Greg, wondered how exactly conservative ideas benefit the poor.
From Africa, an explanation superior to any that I could give!
Private entrepreneurship is necessary for economic development. This is because it is the discovery of new resources, wants, knowledge and means of production to meet human wants. Central government entrepreneurship has rarely been very successful in development and has left many countries in Africa with a legacy of white elephant project and huge foreign debt.
Politicians and civil servants lack knowledge and incentives to discover the right knowledge. Instead of meeting people’s demands and informing them of what is possible, they tend to employ their energies to finding opportunities to line their pockets. Profit chasing individuals, on the other hand, tend to do what market demands and adjust to evolving circumstances in the course of economic change.
Hat tip: Booker Rising.